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After pushing to its highest level since November 2010 in March, the loan default rate receded in April.

Indeed, the S&P/LSTA Index suffered just one default during the month, when Synagro Technologies filed for Chapter 11. As a result, the loan default rate retreated to 1.91% by principal amount, from 2.21% in March, when three directory issuers defaulted on $4 billion of loans. The default rate by number of loans eased to 1.67% in April, from a 25-month peak of 1.83% in March.